StockMarketWire.com - Cellcast said it had entered into an agreement to sell its subsidiary, Cellcast UK to Com & Tel Media for at least £375,000.

The company recommended shareholders vote in favour of the deal at a general meeting due 6 Sept. At the meeting, the company would also propose to change the name of the company to Vintana.

On completion of the sale, Craig Gardiner, Emmanuelle Guicharnaud and Bertrand Folliet would resign as directors of the company.

'The proceeds of the Disposal will be used to cover the costs of the Disposal, expected to total approximately £125,000 and to provide the Company with working capital whilst it seeks a suitable reverse takeover candidate,' the company said.




At 9:31am: [LON:CLTV] Cellcast PLC share price was -0.1p at 1.65p



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